COURSE: INTRODUCTION TO MICRO ECONOMICS (ECO 111)

SYLLABUS

I. Introduction: Economics Issues II. The Elementary Theory of Demand and Supply: Demand, Supply and price, Elasticity of Demand and Supply, Demand in Action. III. The Intermediate Theory of Demand: Marginal Utility, Indifference Preference Theory. IV. The Intermediate Theory of Supply: The Firm, Production and Cost, Cost and Output, Perfect Competition, Monopoly, Imperfect Competition and The Theory of Firm and Industry. V. The Theory of Distribution: The Income of Labor. VI. Microeconomics Policy: Public Policy towards Monopoly and Competition, The Case for Free-Market Economies, The Case for Government Intervention, Aims and Objectives of the Government.

Core Reading List Campbell R McConnell & Stanley L.Brue, Economics, 18th Edition Robert S Pindyck, Daniel L Rubinfeld, Micro Economics, 6th Edition Lipsey, An Introduction to Positive Economics, 8th Edition Parkin Michael, Micro Economics

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COURSE: INTRODUCTION TO MICRO ECON0MICS (ECO 111)

Course Objective: The basic objective of this course is to thoroughly familiarize the student with a working knowledge of Microeconomics and to build a thorough understanding of different market structures and their effects on price and output.

Teaching Strategy: The lecture will be divided in two parts, the first being 1.5 hours long in which the text will be explained, followed by a 1 hour discussion session, devoted to using and applying the knowledge gained in class through individual as well as group activities. Primarily, these sessions will consist of case studies, problem sets, presentations and most important of all quizzes. The student should be prepared to expect a quiz in the class after the completion of a chapter. Attendance is compulsory through out the semester, failing to comply with this will result in negative marks on your final grade. Student Portal: All lecture slides, solution to quizzes, assignment and quiz grade will be uploaded at the student portal: student.lahoreschool.edu.pk Final Assessment Criteria: Final Exam Mid Term Quizzes Class Assignments & Presentation Attendance 35% 20% 25% 15% 5%

Instructor: Marjan Nasir Email: marjan@lahoreschool.edu.pk Exams: There will be a mid-term exam and a final exam. PLEASE NOTE THAT THE FINAL EXAM WILL BE CUMMULATIVE. Quizzes: There will be 5 quizzes throughout the semester. CELL PHONES MAY NOT BE USED AS CALCULATORS. If a quiz is missed (even for a valid excuse), that will count as the dropped quiz grade and the student will not be allowed to retake the quiz. All students must take their quizzes with their own section and will not be allowed to take any quizzes with other sections. Missed Exam Policy: The controller of examinations must determine that a valid excuse has been accepted. If a mid-term is missed with a valid excuse, the make-up will be given with the final exam. Unexcused missed mid-terms will receive a grade of zero. Students who miss the final will have to take it the following year (i.e. the next time the course is offered). Students without a valid excuse for the final exam will have to re-take the course. Attendance Policy 1% will be deducted for each absent class. Make-up Policy: Make-up exams will only be administered when the controller of examinations determines that a valid excuse has been accepted. Unexcused mid-terms will receive a grade of zero. Students without a valid excuse for the final exam will have to re-take the course. Problem Sets/ Assignments: There will be approximately 12-14 problem sets/assignments throughout the semester. Problem sets are required assignments that will count toward your grade. Students may work together on problem sets, with a maximum of five students per group. However, each student in the group must turn in their OWN responses to the problem set (i.e. one assignment with five names on it will not be accepted). If a problem set is turned in one day late, 20 points will be deducted from the grade, and no problem set will be accepted more than one day late.

COURSE: INTRODUCTION TO MICRO ECONOMICS (ECO 111) LECTURE SESSIONS Introduction to Micro Economics: Economic issues, the source of economic problems. 1 Opportunity Cost and Production Possibility Frontiers2 Demand and Price3 Quiz 111 Supply and Price4 The Determination of Price5 Elasticity of Demand and Supply6 DISCUSSION SESSIONS Assignment

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Case Study: Cutting up the Military Problem Set 1 Case: Ford is Bullish about its New Taurus Case: Grocery cart wars Problem set 2 Case Study: Nintendo, Sega Zap, Prices as video games war heats up Case Study: The Battle Against Bottlenecks Case Handout: Big Beer Makers Problem Set 3 Problem set 4 Problem Set on the income and the substitution effect Case Study: US oil output drops consumption also falls Quiz # 3 Mid Term Case Presentation: German Firms bemoan production Problem Set 5 Mid Review Case Study: Record Makers Giving Retailers the Blues

8. Measurements of Demand and Supply: demand and supply analysis in action7 9. Marginal Utility, the Utility theory of demand8 10. Quiz 212 11. Indifference Preference Theory, how 9the consumer reaches equilibrium 12. How the consumers respond10 to changes 13. The Consumers demand curve 10 14. Quiz # 3 15. Mid Term 16. The intermediate theory of supply, the firm, production and cost, the firm in practice and in economic theory, cost and output 17. Perfect competition, market structure and firm behavior, elements of theory of perfect competition in short run equilibrium

LECTURE SESSIONS 18. Perfect competition, market structure and firm behavior, elements of theory of perfect competition in long run equilibrium 19. Monopoly a single price monopolist, cartels as monopolies, a multi price monopolist: price discrimination ( SHORT RUN) 20. Monopoly a single price monopolist, cartels as monopolies, a multi price monopolist: price discrimination ( LONG RUN) 21. Quiz 4 22. Imperfect Competition, imperfectly competitive market structures. Imperfect competition among the many 23. Imperfect competition among the few 24. The theory of firm and industry in action 25. Quiz # 5 26. The pricing and employment of resources: wage determination 27. Presentations on Concentration ratio and H-H Index 28. FINAL EXAM

DISCUSSION SESSIONS Problem set 6

Problem Set 7

Case Study : New York Taxi Policy is a Lemon

Quiz 4 Case Study: OPEC Problem Set 8 Problem 9 Reading pack on antitrust cases Quiz # 5 Wage Differentials Presentations on Concentration ratio and H-H Index FINAL EXAM